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Alternative Credit-based Loans

Apply for either the Grad PLUS or a private loan - students do not apply for both concurrently. The Grad PLUS is recommended over a private loan for reasons stated below, particularly if going into public service work.

Federal Direct Graduate and Professional Student PLUS Loan

We consider the federal Grad PLUS a better choice for credit-based funding because of the federal deferment and forbearance options, a fixed interest rate, public interest loan forgiveness, income driven repayment plans and federal loan consolidation opportunities.

Interest Rate	Loans first disbursed on or after July 1, 2020 and before July 1, 2021: fixed at 5.30% for life of loan.1
Fees	4.228% per disbursement (as of 10/1/20). 2
Interest Accrual	At disbursement.
Grace Period	6 months after graduation or cease to be enrolled at least half-time.
Repayment Options	Standard, Graduated, Extended and Income Driven repayment plans available. Can be included in federal loan consolidation.
Loan Forgiveness	Eligible for Public Service Loan Forgiveness.
Other Notes	Borrow up to the cost of attendance less other financial aid. Eligible for deferment and forbearance options, similar to Federal Direct Unsubsidized Loan. Credit check is required. 3 An endorser (co-signer) may be required (if so, a new promissory note is required for each loan with an endorser). Disbursed in equal amounts in the fall and spring unless requested otherwise in writing and approved. Loan must be requested and originated prior to the end of the academic year (or last term enrolled of academic year) per federal regulations. Requests made at the end of the academic year may not be able to be processed due to time limits.
Application Process	Complete FAFSA and Grad PLUS Request every year. Complete Grad PLUS entrance counseling once and complete a Grad PLUS Master Promissory Note once (it expires after ten years).

1. The interest rate as of July 1, 2020 is fixed at 5.30% based on the 10-Year Treasury Note Index + a 4.6% add-on (capped at 10.5%). New interest rate is calculated each year for new loans.

2. Due to sequestration, the origination fees increase annually each October 1 (amount to be determined) for new loans first disbursed on or after that date.

Private Law Student Loans

Private loan programs are available to help those students whose needs are not fully met by other government loan programs, institutional or outside scholarships, and/or employment and who choose not to borrow the federal Grad PLUS (also credit-based).

Interest Rate	Variable (monthly or quarterly) and/or fixed, depending on lender. Variable rates typically not capped.
Fees	Depends on lender - some offer 0%.
Interest Accrual	At disbursement.
Grace Period	Depends on lender - range can be from 6-9 months.
Repayment Options	Depends on lender.
Loan Forgiveness	Not Eligible for Public Service Loan Forgiveness.
Other Notes	Credit check is required. 3 Co-signer may be required. Loan amount is cost of education less other financial aid and/or lender annual and aggregate maximums.
Application Process	Alternative Loan Information section provides information on loans our students have borrowed previously (subject to change) and application process for individual loans.

3. We strongly encourage you to request a copy of your credit report. Checking your credit rating now will help eliminate surprises later and will give you time to correct any errors or resolve any problems.

To request a free credit report visit AnnualCreditReport.com.
For a more in depth report you will be charged a small fee, unless you have been denied credit recently. You may contact either Experian at 888.397.3742, Equifax at 800.685.1111, or TransUnion at 800.888.4213.

Please contact Student Financial Services at lawfa@seattleu.edu or 206.398.4250 for answers to any questions you have about financial aid.